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SMM Lead Market Morning Review (2012-10-24)
Oct 24,2012 09:45CST
price review forecast
Source:SMM
LME lead prices opened at USD 2,078/mt overnight and fell below the 60-day moving average to touch a low of USD 2,012.3/mt before finally closing at USD 2,035/mt

SHANGHAI, Oct. 24 (SMM) – Canada central bank kept its interest rate unchanged at 1%, dashing market expectations for interest rate cut. DuPont, 3M and UPS reported lower-than expected performance in 3Q, dragging down the US equities. Besides, manufacturing index of Richmond Fed was far below market expectations in October, driving the US dollar index to climb above 80 briefly. As such, LME lead prices opened at USD 2,078/mt and fell below the 60-day moving average to touch a low of USD 2,012.3/mt before finally closing at USD 2,035/mt, down USD 38/mt. Trading volumes increased 2,698 lots to 9,600 lots, and positions fell 307 lots to 139,191 lots. LME lead inventories were up 12,375 mt to 312,550 mt.

The US dollar index closed at 79.94, and COMEX silver for December delivery ended at USD 31.58/oz, down 1.58%.

On October 24, SHFE 1212 lead contract prices are expected to move between RMB 15,300-15,400/mt, and spot lead prices should be RMB 15,250-15,350/mt.


 

LME lead prices
SHFE lead prices

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